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Even With A Looming Rate Hike, Enthusiasm For These ETFs Wanes

A wave of posts from Olympian and media personality&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/39004878/donald-trump-supporter-caitlyn-jenner-praises-elon-musk-for-his-stance-on-ai-and-ways-to-avoid-a-nuc" rel="noreferrer noopener">Caitlyn Jenner</a>'s official X account promoting a cryptocurrency inspired by her went viral Sunday, raising doubts about their authenticity.
What Happened: In a series of posts, Jenner's X account, known for her vocal support of former President Donald Trump, promoted JENNER, a coin purportedly launched via Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based memecoin platform, pump.fun.
One post from the official account stated, "We will be solely focused on Jenner and expect to hit the $50 million market cap in the first 24 hours."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We will be solely focused on <a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Jenner</a> and expect to hit $50m market cap on the first 24 hours. <a href="https://t.co/SiYwteBGkv">https://t.co/SiYwteBGkv</a>
&mdash; Caitlyn Jenner (@Caitlyn_Jenner) <a href="https://twitter.com/Caitlyn_Jenner/status/1794862533490483625?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
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The aggressive promotion surprised social media users, with many suspecting the account had been hacked.
Amid the confusion, a video surfaced from the account, purportedly showing Jenner in a bathrobe, saying, "Yes, this is for real. Get involved. It's going to be&nbsp;really&nbsp;good."&nbsp;
A text accompanying the video reads, "No deep fakes. All real crypto."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Jenner</a> no deep fakes. All real crypto. $113.5M volume in just over 4 hours. Trade here: <a href="https://t.co/SiYwteBGkv">https://t.co/SiYwteBGkv</a> <a href="https://t.co/gyobXOddzI">pic.twitter.com/gyobXOddzI</a>
&mdash; Caitlyn Jenner (@Caitlyn_Jenner) <a href="https://twitter.com/Caitlyn_Jenner/status/1794886435985846680?ref_src=twsrc%5Etfw">May 27, 2024</a></blockquote>
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However, users remained skeptical. Popular cryptocurrency market observer&nbsp;Adam Cochran&nbsp;noted several red flags in the video, including two identical pictures in the background, a strange eye droop, and a weirdly shaped thumb.
In a follow-up, the account posted another video featuring&nbsp;Sophia Hutchinson, Jenner's manager, reiterating that the account had not been hacked.
Meanwhile, the cryptocurrency skyrocketed 9,999% in the last 24 hours, attracting liquidity worth $1.3 million,&nbsp;<a target="_blank" href="https://coinmarketcap.com/dexscan/solana/Crr7JdT5LXT6jCRqwQNb2epF1SNtN3Jxpv3kgdirPatX/" rel="noreferrer noopener">according</a>&nbsp;to CoinMarketCap.
Why It Matters: This episode coincides with similar promotions by the X account of American rapper &#8220;Rich The Kid,&#8221; urging users to grab a coin named RICH. These posts, however, were later taken down.
In a rising market, unsuspecting users can be drawn towards various&nbsp;memecoins, which have become easier to create due to token launchpads.
While purchasing&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and&nbsp;Ethereum&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) can be expensive for retail investors, they might prefer&nbsp;memecoins, which are significantly cheaper. However, the appealing veneer could be a ruse for scammers attempting to rake in money and then disappear, pulling off scams like rug pulls.&nbsp;
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39024913/ethereum-etf-approval-to-spur-a-basket-of-crypto-tokens-within-a-year-says-td-cowen">Ethereum ETF Approval To Spur &#8216;A Basket Of Crypto Tokens Within A Year,&#8217; Says TD Cowen</a>
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$BTC

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$SOL

Now, Caitlyn Jenner Promotes Own Crypto Coin On X — But Is It Real Or Another Hack?

As former President Donald Trump ramps up his pro-cryptocurrency attitude in the run-up to the presidential election, Maga Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), which is inspired by him, has delivered massive returns to its holders.
What Happened: Maga Coin, rooted in the "Make America Great Again" movement, has been trending hot since the U.S. leader piqued the interest of cryptocurrency advocates with his reassuring statements about the industry&#8217;s future in the United States.
In an <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38723503/trump-pledges-to-make-sure-you-can-donate-using-crypto-to-his-2024-campaign-unwittingly-se">NFT event earlier this month</a>, Trump, addressing a big crowd, said, "If you&#8217;re in favor of crypto, you better vote for Trump."
At that time, Maga Coin was valued at $4.30 with a market cap of just over $180 million.&nbsp;
Cut to the present, the cryptocurrency was exchanging hands at $12.47, signaling an impressive 144% jump since that event. Its market cap has shot up to nearly $550 million.&nbsp;
The coin's exponential surge far outpaces the advances of market heavyweights like Bitcoin (CRYPTO: Bitcoin), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>). In fact, it was the second-best performing memecoin in the last month, trailing only Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>).
As of this writing, Trump was in possession of 579.29K Maga Coins, worth $7.19 million, <a href="https://platform.arkhamintelligence.com/explorer/entity/donald-trump">according </a>to Arkham Intelligence. 
Why It Matters: The coin's fortunes soared as Trump aggressively sells his cryptocurrency-friendly attitude to appeal to an expanding demographic in the country.
The recent embrace marks a 180-degree pivot from his position a few years ago when he called Bitcoin "<a href="https://www.benzinga.com/markets/cryptocurrency/21/06/21456522/former-us-president-donald-trump-thinks-bitcoin-is-a-scam">a scam</a>."&nbsp;
The Trump campaign announced that it would accept<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38952866/trump-accepts-cryptocurrency-donations-in-bitcoin-ethereum-shiba-inu-dogecoin-and-more-say"> election donations in cryptocurrencies </a>last week, the first major party campaign to do so. 
More recently, the Republican challenger<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39023300/donald-trump-i-will-ensure-that-the-future-of-crypto-and-bitcoin-will-be-made-in-the-usa"> vowed to ensure a conducive environment for cryptocurrencies</a> in the U.S. and reiterated his promise of restricting central bank digital currencies.&nbsp;
Price Action: At the time of writing, Maga Coin was trading at $12.53, following a 23% surge in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Photo via Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39024913/ethereum-etf-approval-to-spur-a-basket-of-crypto-tokens-within-a-year-says-td-cowen">Ethereum ETF Approval To Spur &#8216;A Basket Of Crypto Tokens Within A Year,&#8217; Says TD Cowen</a>

$DOGE

$PEPE

$TRUMP

TRUMP

Here's How Much MAGA Coin Has Jumped Since The Ex-President Said, 'If You're In Favor Of Crypto, You Better Vote For Trump'

Tech billionaire <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk</a> has chimed in on the growing troubles with Alphabet Inc.'s Google Search and has shared a hack to improve the quality of results.
What Happened: Amid growing issues with Google Search, especially after the recently-launched "AI Overviews" feature, Tesla Inc. CEO and xAI founder Musk has shared a tweak that can solve this "real problem."
The solution is rather simple and doesn't require advanced knowledge of code or technology: all you have to do is add "before:2023" to your search query.
Sample this search query: "best places for a vacation."
Instead of this, the hack that Musk shared suggests you do this: "before:2023 best places for a vacation."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's a real problem! <a href="https://t.co/WJYqoTzzSR">pic.twitter.com/WJYqoTzzSR</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1781100981037494538?ref_src=twsrc%5Etfw">April 18, 2024</a></blockquote>
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What this does, according to the hack shared, is eliminate AI-generated content from the search results.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Alternatively, there's another way to avoid Google's new AI-powered search results.
After entering your search query on Google, tap the "More" button below the search bar and select "Web."
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="641" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27041347/Benzinga-Google-Search-1024x641.jpg" alt="" class="wp-image-356822" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27041347/Benzinga-Google-Search-1024x641.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27041347/Benzinga-Google-Search-300x188.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27041347/Benzinga-Google-Search-768x481.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27041347/Benzinga-Google-Search.jpg 1058w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Google search screenshot</figcaption></figure>
This will remove the AI-powered results and overviews from your window, returning you back to the old interface.
Read Next: <a href="https://www.benzinga.com/news/24/05/39007706/apple-explains-rare-iphone-bug-that-brought-back-deleted-photos-heres-what-happened">Apple Explains Rare iPhone Bug That Brought Back Deleted Photos: Here&#8217;s What Happened</a>
Why It Matters: Google has increasingly come under fire for a perceived decline in the quality of search results, according <a href="https://downloads.webis.de/publications/papers/bevendorff_2024a.pdf">to</a> a study. One of the ways to tackle this was to append the site name directly in the search query.
However, now with AI overviews being rolled out, users have to deal with a new problem. Musk has even <a href="https://www.benzinga.com/news/24/05/39004738/elon-musk-uses-grok-to-throw-shade-at-googles-fumbling-ai-powered-search-how-many-rocks-should-i-eat">used the Grok AI chatbot</a> to throw shade at Google for the fall in quality of its crown jewel.
Although CEO Sundar Pichai said that there has been an increase in the number of people using AI overviews, data from Google Trends has <a href="https://www.benzinga.com/news/24/05/38944025/real-world-data-contradicts-sundar-pichais-claims-of-success-with-googles-ai-search-as-users-seek-to">revealed contradictory results</a>.
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/39018171/elon-musk-takes-on-mark-zuckerberg-led-metas-data-security-practices-whatsapp-exports-your-user-data">Elon Musk Takes on Mark Zuckerberg-Led Meta&#8217;s Data Security Practices: &#8216;WhatsApp Exports Your User Data Every Night&#8217;</a>
Photo by Solen Feyissa on Unsplash

Tech

Elon Musk Shares Hack To Improve Google Search Quality: 'It's A Real Problem!'

Tech billionaire <a href="https://www.benzinga.com/topic/xai">Elon Musk's xAI</a> has successfully secured $6 billion in a Series B funding round at an undisclosed valuation.
What Happened: xAI's funding round saw participation from prominent investors such as Andreessen Horowitz, Sequoia Capital, Fidelity Management &amp; Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.
In a blog post on Sunday, xAI revealed that it has "multiple exciting technology updates and products soon to be announced."
This comes after xAI's multiple updates to the Grok-1 AI model, which now includes long context capability and image understanding. The <a href="https://www.benzinga.com/news/24/03/37769721/musks-xai-releases-its-ai-model-grok-to-the-open-source-community-but-with-a-small-tweak">open-source release of Grok-1</a> has led to advancements in various applications, optimizations, and extensions of the model.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
The funds raised will be used to bring xAI's first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.
"xAI is primarily focused on the development of advanced AI systems that are truthful, competent, and maximally beneficial for all of humanity. The company's mission is to understand the true nature of the universe," the company <a href="https://x.ai/blog/series-b">said</a> in a post.
"There will be more to announce in the coming weeks," said Musk in a post on X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There will be more to announce in the coming weeks
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1794964816211087660?ref_src=twsrc%5Etfw">May 27, 2024</a></blockquote>
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Why It Matters: The successful funding round comes after xAI&#8217;s valuation neared $24 billion, with the company <a href="https://www.benzinga.com/news/24/05/39004912/elon-musks-ai-startup-xai-nears-24b-valuation-aims-for-6-5b-funding-round-report">aiming</a> for a $6.5 billion funding round.
xAI&#8217;s Grok-1 model has been in the spotlight, with <a href="https://www.benzinga.com/news/24/05/38873046/elon-musk-wants-grok-ai-to-be-the-new-late-night-comedian-like-how-the-daily-show-and-colbert-report">Musk expressing his desire</a> for Grok AI to become the new late-night comedian.
Musk has also <a href="https://www.benzinga.com/news/24/05/39004738/elon-musk-uses-grok-to-throw-shade-at-googles-fumbling-ai-powered-search-how-many-rocks-should-i-eat">used Grok to throw shade</a> at Alphabet Inc.'s Google, which has experienced difficulties with its Gemini AI-powered search that was <a href="https://www.benzinga.com/news/24/05/38826439/at-google-io-2024-sundar-pichai-and-team-announces-new-gemini-models-project-astra-ai-fraud-protecti">released in a limited rollout</a> earlier this month.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/39015789/elon-musk-reveals-tough-problem-battling-russian-jamming-efforts-on-starlink-amid-ukraine-war-spendi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reveals &#8216;Tough Problem&#8217; Battling Russian Jamming Efforts On Starlink Amid Ukraine War</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Startups

General

Elon Musk Cheers Funding After xAI Secures $6B From Sequoia, Andreessen Horowitz, Saudi Prince Alwaleed Bin Talal And Others: 'More To Announce In The Coming Weeks'

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) delivery center in Beijing&#8217;s Crab Island reportedly recorded its highest delivery volume in a day on Sunday.
What Happened: Photos and videos shared on social media platform X show dozens of Tesla vehicles lined in the center and several customers seated in the waiting area or checking out the vehicles. 
Benzinga was unable to independently verify the news or the images. Tesla did not immediately respond to a request for confirmation.
The news was earlier reported by <a href="https://www.teslarati.com/tesla-delivery-center-beijing-delivery/" target="_blank" rel="noreferrer noopener">Teslarati</a>, which added that new Tesla registrations in China during the week of May 13 to 19 rose about 41% to 13,800.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> &#x1f1e8;&#x1f1f3; According to the news, the Beijing Crab Island Tesla delivery center in China recorded the highest delivery volume for the day today. <a href="https://t.co/zm5c6YR6Xs">pic.twitter.com/zm5c6YR6Xs</a>
&mdash; Tsla Chan (@Tslachan) <a href="https://twitter.com/Tslachan/status/1794727930205237294?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
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Why It Matters: Earlier this month, <a href="https://www.benzinga.com/news/24/05/39004534/tesla-slashes-model-y-production-at-shanghai-gigafactory-amid-waning-china-demand-report">it was reported</a> that Tesla has cut the output of its Model Y by a double-digit percentage at its Shanghai plant in response to waning demand. 
The Shanghai plant is planning to reduce Model Y output by at least 20% from March to June, Reuters reported, while adding that it is not immediately clear if the production slash applies to the second half of the year or to the Model 3 which is also produced at the factory.
Tesla's share in China's overall pure electric and plug-in hybrid market dropped to 6.8% in the first four months of this year from 7.8% in all of 2023, according to the China Passenger Car Association (CPCA). Data released by the CPCA earlier this month showed that the&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38775830/teslas-ongoing-austerity-measures-rivian-apple-partnership-buzz-biden-administrations-clampdown-" target="_blank" rel="noreferrer noopener">company sold 62,617 made-in-China EVs in April,</a>&nbsp;down 18% year-over-year, including the 30,746 units exported.&nbsp;
Late last month, Tesla cut prices on Model 3 and Y in China&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38348232/tesla-aggressively-cuts-prices-ahead-of-q1-report-ev-maker-lowers-model-3-y-prices-in-china-by-u" target="_blank" rel="noreferrer noopener">by as much as 6%</a> to bolster sales.&nbsp;While the Model 3 rear-wheel drive now starts at 231,900 yuan in the country, the Model Y starts at 249,900 yuan.&nbsp;Last week, the company further incentivized new vehicle purchases by offering <a href="https://www.benzinga.com/markets/asia/24/05/38911807/tesla-tries-to-boost-china-sales-with-free-supercharging-miles-after-price-cuts">free supercharging miles</a> for select customers who order new cars from May 20 to June 20. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/39025210/teslas-shadow-looms-rivian-discounts-us-canada-inventory-to-stay-competitive">Tesla&#8217;s Shadow Looms: Rivian Discounts US, Canada Inventory To Stay Competitive</a>
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Rumors

TSLA

Is Tesla's Delivery Drought Over? Beijing Center Rumored To Have Hit Record Day

In response to recent provocations from Russia, six NATO countries are planning to construct a &#8220;drone wall&#8221; to safeguard their borders.
What Happened: The nations involved in this initiative are Finland, Norway, Poland, and the three Baltic states. The idea is to deploy drones along their borders with Russia to counter smuggling and other threats, the Financial Times <a href="https://www.ft.com/content/949db465-cd27-4c66-9908-c2faa80b602b">reported</a> on Sunday.
&#8220;This is a completely new thing — a drone wall stretching from Norway to Poland — and the goal is to use drones and other technologies to protect our borders . . . against provocations from unfriendly countries and to prevent smuggling,&#8221; said Agnė Bilotaitė, Lithuania's interior minister.
See Also: <a href="https://www.benzinga.com/general/social-media/24/05/38994982/rfk-jr-asks-elon-musk-to-host-presidential-debate-on-x-musk-responds-with-1-word?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">RFK Jr. Asks Elon Musk To Host Presidential Debate On X, Musk Responds With 1 Word</a>
The six countries have experienced various non-military measures from Russia, including the influx of undocumented asylum seekers, also known as hybrid attacks.
Details about the timeline and the functionality of the drone wall have not been divulged. The countries are considering using EU funds for this project.
Why It Matters: The proposed &#8220;drone wall&#8221; comes amid escalating tensions between Russia and NATO. In April, a Russian minister warned that the <a href="https://www.benzinga.com/news/24/04/38352439/russian-minister-warns-westerners-are-teetering-dangerously-towards-potential-nuclear-war-as-nato-us">West was inching toward a potential nuclear war</a> due to its support for Ukraine. This threat was followed by Russia&#8217;s <a href="https://www.benzinga.com/news/24/05/38783286/russia-prepared-for-confrontation-with-west-over-ukraine-says-lavrov-if-they-want-it-to-be-on-the-ba">readiness for confrontation</a> over Ukraine.
To sustain its support for Ukraine, <a href="https://www.benzinga.com/news/24/04/38063284/nato-proposes-trump-proof-107b-fund-to-sustain-ukraine-military-support">NATO proposed a $107 billion fund</a> in April. The recent move to create a &#8220;drone wall&#8221; is another step in NATO&#8217;s efforts to counter Russia&#8217;s actions in the region.
Read Next: <a href="https://www.benzinga.com/news/24/05/39020560/heres-what-to-expect-if-donald-trump-is-convicted-as-jury-deliberations-begin-next-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week</a>
Image by Stocker plus on Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

Global

NATO Allies To Create 'Drone Wall' Amid Rising Russian Provocations

In the wake of surging gold and silver prices, Bank of America has highlighted four exchange-traded funds (ETFs) that offer attractive exposure to precious metals.
What Happened: The top-ranked ETFs by BoFA include abrdn Physical Silver Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIVR#NYSE">SIVR</a>), iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>), Invesco DB Precious Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBP#NYSE">DBP</a>), and abrdn Physical Precious Metals Basket Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLTR#NYSE">GLTR</a>), CNBC <a href="https://www.cnbc.com/2024/05/27/silver-vs-gold-bank-of-america-names-4-attractive-etfs.html">reported</a> on Sunday. These ETFs, rated as &#8220;more attractive&#8221; by Bank of America, encapsulate a range of precious metals such as silver, gold, palladium, and platinum.
Bank of America&#8217;s research suggests that a portfolio with 40% exposure to broad commodities would have outpaced a similar portfolio with U.S. Treasury bonds by 0.8% annually since 1945. Despite strong performance post-Covid-19, long-term commodity returns remain near record lows, as per the bank. However, Bank of America anticipates a reversion to the mean for commodities.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/39021107/donald-trump-floats-idea-of-bringing-back-adviser-peter-navarro-for-potential-second-term-despit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison</a>
Jared Woodard, the bank&#8217;s ETF strategist, stated, &#8220;Commodities are still at all-time lows relative to financial assets, and this ratio would likely move higher in a sustained shift to a 5% world.&#8221;
The abrdn Physical Silver Shares ETF SIVR is the most cost-effective silver fund in Bank of America&#8217;s coverage, with a total expense ratio of 0.50%. The bank&#8217;s commodity team is also bullish on silver, predicting spot prices to hit $26.46 per ounce by the end of 2024, and $32.50 per ounce by the end of the next year.
Why It Matters: The spotlight on these ETFs comes at a time when investors are increasingly turning to precious metals. Investors were <a href="https://www.benzinga.com/etfs/sector-etfs/24/05/38710172/as-spot-gold-stalls-will-investors-turn-to-gold-miners-this-etf-looks-ready-to-break-out-and-off">looking at gold miners as spot gold</a> prices stalled. 
This trend was followed <a href="https://www.benzinga.com/24/05/38920684/silver-gold-and-copper-breakout-wall-streets-last-bear-throws-in-the-towel">by a breakout in silver, gold, and copper prices</a>. This shift was particularly notable for companies like Newmont (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), which are integral to the precious metals supply chain.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39014019/nvidia-tech-stocks-propel-nasdaq-100-to-record-high-solar-sector-shines-meme-stock-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, Tech Stocks Propel Nasdaq 100 To Record High; Solar Sector Shines, Meme Stock Bubble Bursts: This Week In The Market</a>
Image by Inozemtsev Konstantin via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Sector ETFs

ETFS Physical Precious Metal Basket Shares

GLTR

SIVR

Amid Soaring Gold, Silver Prices, Bank of America Is Bullish On These 4 Promising Metal ETFs For Good Investment Returns

Crypto analyst Michaël van de Poppe has suggested a potential dip in Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price, indicating an optimal buying point for investors.
What Happened: In a post on X, formerly Twitter, on Monday, van de Poppe stated that Bitcoin is likely to consolidate at its current levels. He further indicated that if the cryptocurrency falls below $66,000, it would test the range low, presenting an ideal buying opportunity.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> aims to consolidate in these levels. Where to buy? Losing $66K and I think we&#39;ll test range low and be buying there again. That&#39;s the level where you&#39;d want to get your purchases ready. <a href="https://t.co/RoYYzJJnt8">pic.twitter.com/RoYYzJJnt8</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1794989083430707641?ref_src=twsrc%5Etfw">May 27, 2024</a></blockquote>
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His comments come amidst a period of market uncertainty, with Bitcoin struggling to maintain its strength. According to <a href="https://www.benzinga.com/24/05/39024283/bitcoin-dogecoin-stay-weak-ethereum-revels-in-spot-etf-euphoria-analyst-says-king-crypto-needs-to-cr">recent reports</a>, the cryptocurrency needs to cross the $70K mark to hit new highs.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39008524/with-ethereum-etfs-approved-why-is-eth-not-going-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">With Ethereum ETFs Approved, Why Is ETH Not Going Up?</a>
Why It Matters: Van de Poppe&#8217;s prediction aligns with other analysts who have also forecasted a potential dip in Bitcoin&#8217;s price. As per a <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39022983/is-bitcoin-really-out-of-the-danger-zone-crypto-analyst-predicts-potential-dip">Benzinga report</a>, Bitcoin may not be entirely out of the danger zone yet.
Despite the short-term uncertainties, the long-term outlook for Bitcoin remains optimistic. Some analysts predict that Bitcoin could hit $1 million within the next 10 to 18 months, as per another <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39020792/bitcoin-to-hit-1-million-in-next-10-to-18-months-says-crypto-analyst-were-still-so-early-i">Benzinga article</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39020792/bitcoin-to-hit-1-million-in-next-10-to-18-months-says-crypto-analyst-were-still-so-early-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: &#8216;We&#8217;re Still So Early In The Bitcoin Story&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Crypto Guru Michaël Van De Poppe On When To Buy Bitcoin Amid Market Flux: 'The Level Where You'd Want To Get Your Purchases Ready'

Tesla Inc&#8216;s Vice President of Investor Relations Martin Viecha is due to leave the company later this year, but he can&#8217;t seem to part with the <a href="https://www.benzinga.com/news/24/05/38981065/tesla-revs-up-hiring-engine-again-after-mass-layoffs-with-focus-on-autopilot-and-robotics">company&#8217;s electric cars.</a>
What Happened: Viecha took to X last week, saying he considered purchasing a new family electric car from a rival brand. However, the executive later scrapped the plan.
&#8220;Can&#8217;t do it&#8230;I can&#8217;t own a car that doesn&#8217;t have FSD (supervised). It&#8217;s a deal breaker,&#8221; Viecha wrote. 
FSD is the acronym for Tesla&#8217;s full self-driving advanced driver assistance software which is expected to enable vehicle autonomy in due time. While it requires active driver supervision, it allows for auto lane changes and traffic navigations.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So I thought about buying a new family car. A non-Tesla EV in a vehicle category that Tesla doesn&#39;t have. Can&#39;t do it&#8230;I can&#39;t own a car that doesn&#39;t have FSD (supervised). It&#39;s a deal breaker.
&mdash; Martin Viecha (@MartinViecha) <a href="https://twitter.com/MartinViecha/status/1793868393885688108?ref_src=twsrc%5Etfw">May 24, 2024</a></blockquote>
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Viecha chose to look at a rival&#8217;s EV because he wanted a vehicle from a category not manufactured by Tesla. 
Tesla&#8217;s current lineup has two SUVs, two sedans, and an electric truck. While the Model 3 sedan and Model Y SUV are mass-market vehicles, the Model S and X are more premium. The company is still only ramping up production of its latest offering- the Cybertruck.
Why It Matters: Viecha <a href="https://www.benzinga.com/news/24/04/38395808/teslas-high-profile-departures-continue-as-investor-relations-head-martin-viecha-bids-farewell-after">announced his departure</a> during Tesla&#8217;s first-quarter earnings call in April. While he did not specify his departure timeline, he indicated that he would not participate in the next quarter's earnings call, likely scheduled for July.
Viecha has been Tesla's VP of Investor Relations for nearly seven years, having joined the EV maker in October 2017.
Tesla has a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38351810/tesla-fsd-is-now-nearly-50-cheaper-than-when-elon-musk-called-it-very-low-just-under-a-year-ago" rel="noreferrer noopener">lot riding on FSD</a>, especially with slowing demand and intense competition in its core EV business. The technology is also crucial to the&nbsp;robotaxi&nbsp;service the company plans to unveil on Aug. 8.
FSD is available for outright purchase at $8,000 or a $99 monthly subscription. Tesla is also negotiating to launch the tech in China.
In late March, FSD graduated from beta testing to FSD (Supervised) and was made available for a free one-month trial across North America. However, <a href="https://www.benzinga.com/markets/equities/24/05/38805961/elon-musks-tesla-faces-fsd-uptake-challenge-as-only-2-of-free-trial-users-subscribe-gary-black-t" target="_blank" rel="noreferrer noopener">the take rate</a> following the free trial was subpar, as per analysts.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/39005456/lucid-stock-gains-3-premarket-after-ev-maker-announces-6-workforce-reduction-cutting-400-jobs-to-low">Lucid Stock Gains 3% Premarket After EV Maker Announces 6% Workforce Reduction, Cutting 400 Jobs To Lower Costs</a>
Photo via Shutterstock

Departing Tesla VP Can't Get Himself To Buy Rival EVs Because They Don't Have FSD: 'It's A Deal Breaker'

In a bid to strengthen its semiconductor sector, China has established a third state-backed investment fund, injecting a whopping $47.5 billion into the industry.
What Happened: The fund, officially known as the China Integrated Circuit Industry Investment Fund, was registered with a capital of 344 billion yuan ($47.5 billion), reported Reuters on Monday. 
This move is in line with President Xi Jinping&#8216;s emphasis on achieving semiconductor self-sufficiency in the wake of U.S. export control measures.
The fund&#8217;s third phase, also known as the &#8220;Big Fund,&#8221; was established on May 24 and is the largest of the three funds launched by the China Integrated Circuit Industry Investment Fund. 
The Ministry of Finance is the largest shareholder with a 17% stake and paid-in capital of 60 billion yuan, followed by China Development Bank Capital with a 10.5% stake.
See Also: <a href="https://www.benzinga.com/news/24/05/39024402/kim-jong-uns-north-korea-informs-japan-about-launch-of-satellite-rocket-believed-to-be-spy-mission?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s North Korea Informs Japan About Launch Of &#8216;Satellite Rocket&#8217;, Believed To Be Spy Mission</a>
Seventeen other entities, including major Chinese banks, are listed as investors. The fund will focus on areas such as equipment for chip manufacturing and is considering hiring at least two institutions to invest the capital from the third phase.
Why It Matters: The move by China to bolster its semiconductor industry comes amid a global chip war. China has been taking several measures to reduce its reliance on foreign chip makers and boost its domestic AI chip purchases. This includes <a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a">urging tech giants</a> to shift away from foreign chip makers and <a href="https://www.benzinga.com/news/24/05/38835903/xi-jinpings-china-forges-ahead-with-better-in-house-ai-chips-to-cut-reliance-on-nvidia-other-foreign">forging ahead with better</a> in-house AI chips.
Meanwhile, foreign chip makers like <a href="https://www.benzinga.com/markets/asia/24/05/38998354/nvidia-preparing-for-the-worst-as-the-chipmaker-reportedly-cuts-prices-of-its-flagship-ai-chips-in-c">Nvidia are cutting prices</a> of their flagship AI chips in China amid <a href="https://www.benzinga.com/news/24/05/38835903/xi-jinpings-china-forges-ahead-with-better-in-house-ai-chips-to-cut-reliance-on-nvidia-other-foreign">intensifying competition</a> from local players like Huawei. 
Read Next: <a href="https://www.benzinga.com/markets/asia/24/05/38824198/biden-announces-massive-tariffs-on-chinese-imports-to-protect-us-industries-clean-energy-solar-stock?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Announces Massive Tariffs On Chinese Imports To Protect US Industries: Clean Energy, Solar Stocks Rally</a>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

China Launches $47.5B State Fund To Bolster Semiconductor Industry Amid Global Chip War

The Chinese authorities have banned a prominent social media influencer nicknamed &#8220;China's Kim Kardashian,&#8221; sparking a debate on the Xi Jinping-led government&#8217;s <a href="https://www.benzinga.com/news/23/10/35388541/chinas-twitter-like-social-media-weibo-pulls-the-mask-off-top-influencers-to-push-online-transparenc">control over online content</a>.
What Happened:&nbsp;Wang Hongquanxing, a social media influencer known for his extravagant lifestyle including expensive clothing and jewelry, has been banned from various Chinese social media platforms, <a href="https://www.ft.com/content/aa8f30f4-d3ef-4188-b64d-82bab354f187">reported</a> Financial Times. 
The sudden online disappearance this week of Wang, who once claimed he never left home in jewelry and clothes worth less than Rmb10mn ($1.4mn), is part of the government's latest effort to assert control over <a href="https://www.benzinga.com/markets/asia/24/05/38956682/chatgpt-meet-xigpt-china-unveils-new-ai-model-that-speaks-xi-jinpings-thoughts-spouts-official-party">China's dynamic social media landscape</a>.
Wang, along with several other influencers, has been banned from platforms such as&nbsp;Weibo,&nbsp;Douyin, and&nbsp;Xiaohongshu. Their profile pages have been declared inaccessible due to &#8220;violation of self-discipline&#8221; rules.
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&#8220;This is a highly visible spectacle that reminds people of the authority's power,&#8221; said Carwyn Morris, assistant professor of digital China at Leiden University, adding, &#8220;It is likely that many people do see this sort of content as vulgar, particularly during an economic slowdown.&#8221; 
The campaign began in April when the Cyberspace Administration of China, the internet watchdog, announced plans to curb behaviors such as &#8220;deliberately showcasing a lavish lifestyle built on wealth.&#8221;
&#8220;Once materialism starts spreading, it can have a bad influence on teenagers . . . Hence this trend of luxury on the internet needs to be stopped,&#8221; state media Beijing News wrote on Wednesday.
Why It Matters: Beijing&#8217;s efforts to regulate social media influencers date back to at least 2012, when it shut down the accounts of prominent opinion leaders, according to Luwei Rose Luqiu, an associate professor at Hong Kong Baptist University.
&#8220;The focus has shifted to grassroots internet celebrities . . . to strengthen control of the internet due to the concern about losing the ability to control public opinion and the behavior of the people,&#8221; Luqiu stated.
The latest crackdown has also elicited mixed reactions, with some praising influencers like Wang—a charity sponsor admired for his candid style—while others criticize them.
One person commented, &#8220;Internet celebrities are already pretty boring, and flaunting wealth just makes them even more annoying.&#8221; However, another opposed the development saying, &#8220;It's hilarious — it turns out [the government's] method for solving the wealth gap is to blindfold the poor so they can't see it.&#8221;
Image created with Dall_E 3
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/39015642/elon-musk-finds-mrbeasts-survive-100-days-trapped-win-500k-challenge-impressive-great-show?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Finds MrBeast&#8217;s &#8216;Survive 100 Days Trapped, Win $500K&#8217; Challenge Impressive: &#8216;Great Show!&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Social Media

Media

China's 'Kim Kardashian' Banned From Social Media For Flaunting Wealth, Sparking Debate: 'Trend Of Luxury On The Internet Needs To Be Stopped'

California-based EV maker&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38694651/rivian-aims-to-churn-out-215k-evs-from-illinois-factory-with-r2-leading-charge-and-save-over-2b" rel="noreferrer noopener">Rivian Automotive, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) is reducing prices on existing inventory in the United States and Canada to compete in the increasingly heated electric vehicle market. These discounts apply to&nbsp;both&nbsp;2023 and 2024 model year R1T and R1S vehicles.
Focus On Upgraded Features: Importantly, the discounts target optional upgrades like the drive system and battery pack, not the base price of the vehicle, Drive Tesla <a href="https://driveteslacanada.ca/news/rivian-slashes-prices-across-2023-and-2024-r1t-and-r1s-models-in-canada-and-the-us/" target="_blank" rel="noreferrer noopener">reported</a>.
Key&nbsp;US Price Reductions:
<ul>
<li>R1S:&nbsp;Quad-Motor upgrade: $6,000 (down from $8,000), Large battery: $7,100 (down from $9,100), Max battery: $15,100 (down from $19,100).</li>
<li>R1T:&nbsp;Performance Dual-Motor upgrade: Free (down from $5,000), Large battery: $5,100 (down from $9,100).</li>
<li>2024 R1T:&nbsp;Large battery: $3,100 (Dual-Motor), $5,100 (Performance Dual-Motor and Quad-Motor) (all down from $9,100).</li>
</ul>
Key&nbsp;Canadian Price Adjustments:
<ul>
<li>2023 R1T/R1S:&nbsp;Quad-Motor upgrade: C$8,000 (down from C$12,500).</li>
<li>2024 R1T:&nbsp;Quad-Motor upgrade: C$11,000 (down from C$12,500).</li>
<li>2024 R1S:&nbsp;Quad-Motor upgrade: C$5,000 (down from C$12,500).</li>
<li>Large Battery Pack:&nbsp;Significant reductions (over 50%) across all models and years. Prices now range from C$2,500 to C$6,000 (previously C$14,500).</li>
</ul>
Why It Matters: These discounts reportedly follow Rivian opening its R1 Shop in Canada, allowing all customers to purchase vehicles from existing inventory with delivery within a week. Previously, only those with reservations could access this option.
Rivian&#8217;s R1T and R1S are&nbsp;currently&nbsp;their only production vehicles besides electric delivery vans. Both models have&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38957629/whats-new-for-rivians-r1t-and-r1s-next-year-leaked-documents-hint-at-efficiency-boost-with-heat-pump" rel="noreferrer noopener">a starting price point</a>&nbsp;of around $70,000. In the first quarter, Rivian produced 13,980 vehicles and delivered 13,588. The company aims to produce approximately 57,000 vehicles for the entire 2024 year, similar to 2023.
EV Price War: The discounts reflect the ongoing price war in the EV market, largely driven by Tesla&#8216;s adjustments since the beginning of 2023. Rivian and other competitors are adapting their strategies to stay competitive.
Price Action: Rivian stock closed up nearly 5% at $10.44 on Friday, before dipping 0.86% in after-hours trading, according to&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/39005808/tesla-receives-more-job-applications-in-2023-despite-reports-of-poor-working-conditions-and-layoff">Tesla Receives More Job Applications In 2023 Despite Reports Of Poor Working Conditions And Layoff</a>
Disclaimer: This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.
Photo via Shutterstock

RIVN

Tesla's Shadow Looms: Rivian Discounts US, Canada Inventory To Stay Competitive

Chinese Premier Li Qiang praised the renewal of relations with Japan and South Korea during their first trilateral talks in four years on Monday.
What Happened: The summit, held in Seoul, aimed to revive trade and security dialogues that have been stalled by global tensions, Reuters reported. Li met with South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida to discuss resuming three-party free trade agreement negotiations, which have been on hold since 2019.
Li emphasized the need to separate politics from economic and trade issues, calling for an end to protectionism and the decoupling of supply chains. He stated that the close ties and cooperative spirit among the three nations would remain unchanged.
Despite the ongoing rivalry between Beijing and Washington, and tensions over Taiwan and North Korea&#8217;s nuclear program, the meeting itself is seen as a significant step in improving relations among the three countries.
See Also: <a href="https://www.benzinga.com/general/social-media/24/05/38994982/rfk-jr-asks-elon-musk-to-host-presidential-debate-on-x-musk-responds-with-1-word?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">RFK Jr. Asks Elon Musk To Host Presidential Debate On X, Musk Responds With 1 Word</a>
Yoon and Kishida have been working closely with the United States on military and other measures, while U.S. President Joe Biden has <a href="https://www.benzinga.com/news/24/05/39006664/elon-musk-slams-biden-administration-over-100-tariffs-on-chinese-ev-imports-things-that-distort-the">imposed tariffs on Chinese imports.</a> Donald Trump, a contender in the upcoming presidential election, has proposed even higher tariffs on Chinese goods.
On the issue of North Korea, Yoon and Kishida urged Pyongyang to halt its planned rocket launch, while Li called for restraint and the prevention of further complications on the Korean peninsula.
The leaders also attended a forum with top business executives from the three countries, agreeing to support trade and stabilize supply chains despite global challenges. The summit follows separate bilateral talks held a day earlier, where agreements were made to resume free trade talks and discuss security issues.
Why It Matters: The summit comes at a time of heightened tensions in the region. Just days before the meeting, <a href="https://www.benzinga.com/news/24/05/38979780/china-launches-strong-punishment-drills-near-taiwan-after-new-presidents-inauguration-warning-agains">China conducted military drills near Taiwan</a> as a warning against external interference. 
Moreover, the significance of China in the global economy cannot be understated. According to <a href="https://www.benzinga.com/markets/asia/24/05/38980045/you-cant-ignore-says-jpmorgan-apac-ceo-highlighting-beijings-significance-in-global-economy-you-have">JPMorgan APAC CEO</a>, &#8220;You can&#8217;t ignore China,&#8221; highlighting the necessity for businesses to engage with Beijing despite geopolitical challenges.
Adding to the complexity, <a href="https://www.benzinga.com/news/24/05/39024402/kim-jong-uns-north-korea-informs-japan-about-launch-of-satellite-rocket-believed-to-be-spy-mission">North Korea recently informed Japan</a> about its plan to launch a satellite rocket, believed to be a spy mission. This development further complicates the security landscape in the region.
Earlier this year, <a href="https://www.benzinga.com/news/24/02/37025667/kim-jong-un-says-he-has-lawful-right-to-destroy-its-primary-enemy-south-korea-peace-is-not-something">Kim Jong Un declared</a> that North Korea has the lawful right to destroy its &#8220;primary enemy,&#8221; South Korea, emphasizing that peace is not something to be begged for. 
Read Next: <a href="https://www.benzinga.com/news/24/05/39020560/heres-what-to-expect-if-donald-trump-is-convicted-as-jury-deliberations-begin-next-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week</a>
Image by photocosmos1 via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Chinese Premier Li Qiang Holds First Trilateral Summit With Japan And South Korea In Four Years To Discuss Renewed Relations

The <a href="https://www.benzinga.com/24/05/38819007/mercedes-worker-advocates-for-better-work-life-balance-amid-unionization-efforts-in-alabama-plant-so" target="_blank" rel="noreferrer noopener">United Auto Workers</a> (UAW) union is pushing for a new election at the Mercedes-Benz (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) plant in Alabama, following its recent defeat in a unionization vote.
What Happened: The UAW has filed a petition with the National Labor Relations Board (NLRB) for a fresh election at the Mercedes-Benz plant in Alabama,&nbsp;<a target="_blank" href="https://www.autonews.com/manufacturing/uaw-asks-us-board-new-unionization-vote-mercedes-alabama-plant" rel="noreferrer noopener">Automotive News</a>&nbsp;reported.&nbsp;
The union alleges that Mercedes-Benz engaged in unfair labor practices, including the dismissal of pro-union workers and conducting anti-union meetings, which influenced the outcome of the initial vote.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-auto-manufacturers-stocks" rel="noreferrer noopener">Best Auto Manufacturer Stocks Right Now</a>
Despite the UAW&#8217;s efforts, approximately 56% of the 5,000 workers at the Vance, Alabama plant and the adjacent battery factory voted against unionization.&nbsp;
Mercedes-Benz, however, maintains that it adhered to the NLRB&#8217;s guidelines during the election process and will continue to do so as the situation unfolds. The UAW contends that Mercedes-Benz&#8217;s actions prevented a free choice by employees, justifying the need for a new election.
Why It Matters: The UAW&#8217;s defeat in the Alabama Mercedes-Benz plant is a blow to the union&#8217;s efforts to expand its reach in the southern United States.&nbsp;
The UAW had been riding high on the heels of <a href="https://www.benzinga.com/news/24/05/38906520/alabama-mercedes-benz-workers-reject-uaw-unionization-bid-in-a-blow-to-organized-labors-southern-str">a significant wi</a>n at a Volkswagen plant in Tennessee. The setback at the Alabama plant could have broader implications for the UAW&#8217;s strategy in the region.
Read Next: <a href="https://www.benzinga.com/news/24/05/39024981/elon-musks-starlink-gets-nod-to-roll-out-in-100th-country-an-african-nation-with-only-35-internet-pe" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Starlink Gets Nod To Roll Out In 100th Country — An African Nation With Only 35% Internet Penetration</a>
Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ramakrishnan-m" target="_blank" rel="noreferrer noopener">Ramakrishnan M</a>

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

UAW Rallies For Second Union Vote At Mercedes-Benz Alabama Plant, Cites Foul Play In First Election

The latest Israeli air strikes in Rafah, a city in the southern Gaza Strip, have resulted in at least 35 Palestinian deaths and multiple injuries. Among the casualties were the Hamas chief of staff of the Gaza Strip and another senior official.
What Happened: The Israeli military launched an air strike on a Hamas compound in Rafah, Reuters reported on Sunday. The attack, based on &#8220;precise intelligence,&#8221; used &#8220;precise ammunition&#8221; and led to the death of two high-ranking Hamas officials. The Israeli Defense Forces (IDF) acknowledged reports of civilian casualties and stated that the incident is under review. The health ministry in the Hamas-run Gaza confirmed that 35 people were killed and dozens, primarily women and children, were wounded.
The strike took place in the Tel Al-Sultan neighborhood in western Rafah, a refuge for thousands of displaced individuals. The International Committee of the Red Cross reported a surge of casualties at its field hospital in Rafah, with other hospitals also experiencing a significant influx of patients.
See Also: <a href="https://www.benzinga.com/news/24/05/39023959/trump-makes-appearance-at-coca-cola-600-nascar-race-crowd-chants-youre-our-man?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Makes Appearance At Coca-Cola 600 NASCAR Race, Crowd Chants &#8216;You&#8217;re Our Man&#8217;</a>
Senior Hamas official Sami Abu Zuhri described the attack as a &#8220;massacre,&#8221; blaming the United States for providing Israel with weapons and financial support. The Israeli military, however, stated that eight projectiles were identified crossing from Rafah, with a number of them intercepted. No casualties were reported from these projectiles.
Prime Minister Benjamin Netanyahu convened his war cabinet on Sunday to discuss continued operations in Rafah, despite a ruling by the top U.N. court ordering Israel to cease attacks on the city. Israel argues that the U.N. court&#8217;s ruling allows room for some military action there.
Over 36,000 Palestinians have been killed in Israel&#8217;s offensive, according to Gaza&#8217;s health ministry. Israel launched the operation after Hamas-led militants attacked southern Israeli communities on Oct. 7, killing around 1,200 people and seizing more than 250 hostages, according to Israeli tallies.
Why It Matters: The recent air strikes follow a period of escalating tension in the Middle East. <a href="https://www.benzinga.com/general/politics/24/05/38968880/middle-east-tensions-rise-european-nations-recognize-palestine-israel-presses-on-egypt-border-bl">European nations recognized Palestine,</a> and Israel continued to press on the Egypt border. 
This was followed by a mandate from the International Court of Justice<a href="https://www.benzinga.com/markets/asia/24/05/39008688/international-court-of-justice-mandates-israel-halt-operations-in-rafah-why-it-matters"> ordering Israel to halt operations </a>in Rafah. Despite this, Israel has continued its operations, arguing that the court&#8217;s ruling allows for some military action.
Read Next: <a href="https://www.benzinga.com/news/24/05/39023320/trump-vs-biden-young-voters-are-leaning-toward-one-candidate-more-than-other-citing-concerns-over-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Young Voters Are Leaning Toward One Candidate More Than Other, Citing Concerns Over Israel-Hamas War And More</a>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Israel Claims It Took Out 2 Hamas Leaders In Rafah Airstrikes That Killed 35 Palestinians

Zimbabwe&#8217;s telecom regulator has reportedly&nbsp;permitted&nbsp;<a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti" target="_blank" rel="noreferrer noopener">Elon Musk</a><a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti" target="_blank" rel="noreferrer noopener">&#8216;s Starlink</a>&nbsp;to operate in the country.
What Happened: The approval&nbsp;is expected&nbsp;to facilitate the rollout of high-speed, low-cost, low-Earth-orbit (LEO) internet infrastructure across Zimbabwe, especially in rural areas, President&nbsp;Emmerson Mnangagwa&nbsp;stated, according to Reuters.
Starlink will reportedly collaborate with its exclusive local partner,&nbsp;IMC Communications, to provide the services.&nbsp;
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-telecommunications-stocks" rel="noreferrer noopener">Best Telecommunication Stocks Right Now</a>
Status Quo: A 2021 World Bank report highlighted that only 34.8% of Zimbabwe&#8217;s population had internet access, with services currently dominated by three major mobile network operators.&nbsp;
The approval also comes amid a government crackdown on unregistered users smuggling Starlink kits from neighboring countries like Zambia.
Starlink is&nbsp;already&nbsp;available in several African countries, including Nigeria, Mozambique, Zambia, Kenya, and Malawi.&nbsp;
Last month, Cameroon ordered the seizure of Starlink equipment at its ports due to the provider&#8217;s lack of a license, as per Reuters.
Why It Matters: The approval of Starlink in Zimbabwe is a significant development as Starlink rapidly expands across the globe, with parent SpaceX&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38836240/elon-musks-spacex-on-fire-50-launches-done-before-halfway-through-year-94-more-to-go" rel="noreferrer noopener">relentlessly launching the satellites</a>&nbsp;with an ambitious goal in mind.&nbsp;&nbsp;
Earlier this month,&nbsp;it was reported&nbsp;that&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38752150/who-saw-this-coming-elon-musks-starlink-projected-to-rake-in-6-6b-revenue-this-year" rel="noreferrer noopener">Starlink&nbsp;is projected&nbsp;to generate $6.6 billion in revenue</a>&nbsp;this year as users flock to its satellite internet service.
Just days ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38934160/elon-musks-starlink-hits-3m-users-across-nearly-100-countries" rel="noreferrer noopener">Starlink reached a milestone of 3 million users</a>&nbsp;across 99 countries.&nbsp;This rapid growth highlights the increasing reliance on satellite internet, especially in regions with limited terrestrial infrastructure.
Read Next:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/05/39024178/barbie-and-oppenheimer-wouldve-hit-just-as-big-on-netflix-says-ted-sarandos-but-social-medi" target="_blank" rel="noreferrer noopener">&#8216;Barbie&#8217; And &#8216;Oppenheimer&#8217; Would&#8217;ve Hit &#8216;Just As Big&#8217; On Netflix, Says Ted Sarandos But Social Media Users Call Him &#8216;Delusional&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ramakrishnan-m" target="_blank" rel="noreferrer noopener">Ramakrishnan M</a>

SPACE

Elon Musk's Starlink Gets Nod To Roll Out In 100th Country — An African Nation With Only 35% Internet Penetration

The approval of spot Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETF products may spur the creation of more cryptocurrency-linked investment funds in the near future, according to investment bank TD Cowen. 
What Happened: TD Cowen&#8216;s Washington Research Group viewed the approval of Ether ETFs as a marquee event, paving the way for more institutional interest in digital assets, The Block&nbsp;<a href="https://www.theblock.co/post/296769/td-cowen-says-ethereum-etfs-clear-the-way-for-more-crypto-funds?utm_source=twitter&amp;utm_medium=social">reported</a>.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39013406/bitcoin-dogecoin-bounce-back-with-ethereum-lagging-trader-sees-price-discovery-next-week-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Bounce Back With Ethereum Lagging: Trader Sees &#8216;Price Discovery Next Week&#8217; Under One Co</a>
Jaret Seiberg from TD Cowen&#8217;s Washington Research Group stated, &#8220;This comes about six months faster than we expected&#8230;yet this decision was also inevitable once the SEC approved cryptocurrency futures ETFs.&#8221;
Seiberg further noted that within a year, there might be offerings that include a &#8220;basket of cryptocurrency tokens,&#8221; potentially just featuring Bitcoin and Ether, or many more.
Why It Matters: The approval of Ethereum ETFs is a significant milestone in the cryptocurrency industry. According<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39006731/ethereum-etfs-will-trade-well-ahead-of-november-says-jpmorgan-debate-around-staking"> to a report by JPMorgan</a>, Ethereum ETFs are expected to trade well ahead of November, indicating strong market interest and potential growth.
Furthermore, the approval marks a new era for digital assets. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39013537/ethereum-etfs-a-new-dawn-for-digital-assets">introduction of these ETFs could lead to increased mainstream adoption </a>and investment in cryptocurrencies.
Despite this approval, the SEC&#8217;s overall stance on cryptocurrency remains unchanged. SEC Chair Gary Gensler <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38961215/sec-chair-gensler-criticizes-fit-21-crypto-bill-warns-of-new-regulatory-gaps">issued a critical statement against new crypto legislation</a>, emphasizing the industry&#8217;s issues with compliance.
Interestingly, Chair Gensler <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38998814/unlike-bitcoin-sec-chief-gary-gensler-didnt-vote-on-spot-ethereum-etf-approvals">was not part of the team</a> that voted to approve the ETFs.
TD Cowen predicts that the SEC will maintain its Democratic majority until 2026, continuing its litigation against cryptocurrency trading platforms that trade what it considers unregistered securities.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39023300/donald-trump-i-will-ensure-that-the-future-of-crypto-and-bitcoin-will-be-made-in-the-usa">Donald Trump: &#8216;I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

Ethereum ETF Approval To Spur 'A Basket Of Crypto Tokens Within A Year,' Says TD Cowen

Bill Gross, the co-founder of&nbsp;PIMCO, also known as "Bond King", has expressed concerns about the potential impact of a Donald Trump re-election on the bond markets.
What Happened: Gross suggested that a Trump victory in the upcoming presidential election would be &#8220;more bearish&#8221; and &#8220;disruptive&#8221; for the bond markets than a win by the incumbent, Joe Biden, Gross said this in a recent <a href="https://www.ft.com/content/79b56af5-1490-4753-957f-378f37864881">interview</a> with the Financial Times. 
Gross, who is famous for his bond investments, pointed out that Trump&#8217;s proposed tax cuts could worsen the already rising U.S. deficits.
He stated, &#8220;Trump is the more bearish of the candidates simply because his [programs] advocate continued tax cuts and more expensive things. Trump&#8217;s election would be more disruptive.&#8221;
These comments come at a crucial time, with the U.S. presidential election just months away. Despite Trump&#8217;s lead in national opinion polls and key swing states, Gross&#8217;s remarks challenge Trump&#8217;s claims of being a better economic steward than Biden.
See Also: <a href="https://www.benzinga.com/news/24/05/39015881/jim-cramer-who-once-called-gamestop-arguably-the-worst-company-in-america-says-it-now-has-enough-cas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer, Who Once Called GameStop &#8216;Arguably The Worst&#8217; Company In America, Says It &#8216;Now Has Enough Cash To Become Something Other Than&#8217; A Meme Stock</a>
Gross&#8217;s concerns are rooted in the growing U.S. deficits, which have led him to move away from the bond strategy that made him famous. He also expressed skepticism about the US equity markets, advising investors to &#8220;temper their expectations.&#8221;
Why It Matters: Gross&#8217;s warning about the potential impact of a Trump re-election on the bond markets comes in the wake of his previous comments on the U.S. economy. Earlier in the year, he warned that <a href="https://www.benzinga.com/news/24/02/36904136/bond-king-bill-gross-warns-us-34-trillion-debt-deficit-to-fuel-inflation-like-global-warming-over-ne">the $34 trillion debt deficit</a> could fuel inflation, likening it to a &#8220;significant problem&#8221; like global warming over the next decade. His recent remarks add to the growing concerns about the economic implications of the upcoming election.
Despite these concerns, the stock market has been performing well, hitting milestones under Biden&#8217;s presidency. This raises questions about the potential <a href="https://www.benzinga.com/markets/equities/24/05/38890222/biden-hands-out-big-l-to-trump-as-dow-hits-40k-for-first-time-and-ex-presidents-stock-market-cra">impact of the election on the markets</a>, especially in light of Gross&#8217;s warnings.
Meanwhile, Gross has been making strategic moves in the market, including betting against <a href="https://www.benzinga.com/markets/equities/24/03/38011930/bond-king-bill-gross-bets-against-trumps-newly-listed-stock-genius-with-the-courage-to-sell-djt-">Trump&#8217;s newly-listed</a> Trump Media &amp; Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) and shifting his fixed-income allocation to a closed-end fund. His recent comments provide valuable insights for investors navigating the current economic landscape.
Read Next: <a href="https://www.benzinga.com/m-a/24/05/38982445/google-acquiring-hubspot-for-31b-to-take-market-share-from-microsoft-says-expert?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Acquiring HubSpot For $31B To &#8216;Take Market Share From Microsoft,&#8217; Says Expert</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Trump Victory 'More Bearish' For Debt Market Than A Biden Win, Warns 'Bond King' Bill Gross

In an intriguing turn of events, a cryptocurrency with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) in its name has outperformed the original blue-chip currency in weekly gains.
What Happened: Ethereum Name Service (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENS</a>) nearly doubled over the week, <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">according to data from Benzinga Pro</a>, becoming the market's largest gainer in the said time period. The coin outperformed heavyweights like Bitcoin (CRYPTO: Bitcoin) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) on its way to the top.
Ethereum, the world&#8217;s second-largest cryptocurrency, meanwhile, saw its weekly gains pale in comparison, growing by 27% during the last seven days.
The 24-hour trading volumes also present a telling contrast. While ENS soared 170%, Ethereum saw a 72% rise in trades.
Why It Matters: ENS is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones that could be more easily comprehended by humans. Think of it as similar to the role played by the internet&#8217;s Domain Name Service.
Its recent success, though, could be tied <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38995513/sec-approves-spot-ethereum-etfs-opening-door-for-mainstream-investors">to the approval of Ethereum's spot ETFs</a> last week.&nbsp;
While bullish sentiment around Ether grew manifold, its high price, around $3,900 for one unit, could be a big deterrent for retail investors.&nbsp;
Instead, they might have chosen to invest in a cheaper coin with Ethereum in the name. A <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38997594/ethereum-classic-often-considered-a-cheaper-play-outshines-eth-on-spot-etf-approval-day-wh">similar surge was seen for</a> Ethereum Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/etc/usd">ETC</a>) on the ETF approval day.
Well-known cryptocurrency trader Doğu Tekinoğlu Doğu talked about his strategy to buy ENS at the bottom, which was vindicated because of the latest uptick.&nbsp;
"I said their time would come, I don&#8217;t like bulky coins, but these two are an exception," he added.
The trader stated that he was positioned for ENS&#8217; next goal of $40.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ENS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENS</a> YANIYOR &#x1f525; Bizi sabır taşı yaptığı doğru, ancak özellike ENA ve ENS ikilisini diplerde akümüle ettik. Vakitlerinin geleceğini, hantal coinleri sevmediğimi ancak bu ikisinin bir istisna olduğunu söylemiştim. Son hafta <a href="https://twitter.com/search?q=%24ENS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENS</a> &#39;de 2x <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>&#39;da ise %37&#39;lik bir yükseliş gördük.… <a href="https://t.co/4Lceq27uMR">pic.twitter.com/4Lceq27uMR</a>
&mdash; Doğu Tekinoğlu (@TekinogluDogu) <a href="https://twitter.com/TekinogluDogu/status/1794761202691633173?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Price Action: At the time of writing, ENS was trading at $26.25 following a 12% surge in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39024607/pepe-becomes-only-the-third-memecoin-after-dogecoin-and-shiba-inu-to-reach-7b-market-cap-a">Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone</a>

$ENS

$ETC

What Is Ethereum Name Service And Why Has It Pipped BTC, ETH To Nearly Double In Value Over This Week

A small Massachusetts pension fund has outperformed its peers, thanks to a bold move by its manager, a former schoolteacher.
What Happened: The Plymouth County Retirement Association, a $1.4 billion pension fund, has seen a remarkable rise in its performance, landing it in the top 10% of U.S. pensions over the past three years. This success can be attributed to an early and astute bet on rising interest rates, <a href="https://www.wsj.com/finance/investing/how-an-ex-teacher-turned-a-tiny-pension-into-a-giant-killer-91ede455?mod=wknd_pos1">reported</a> The Wall Street Journal.
Peter Manning, the fund&#8217;s investment director, made the call that interest rates would increase, which proved to be a lifeline for the fund during the last two years when rising rates negatively impacted both stocks and bonds.
Despite the recent market rally, Manning remains steadfast in his belief that rates will not fall soon. He asserts that the best way to grow the pension fund in the long term is by avoiding significant losses rather than chasing high returns.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39022596/ethereum-etf-approved-elon-musk-mourns-kabosus-death-trump-embraces-crypto-donations-and-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ethereum ETF Approved, Elon Musk Mourns Kabosu&#8217;s Death, Trump Embraces Crypto Donations And More</a>
Under Manning&#8217;s leadership, the fund delivered an average annual net return of 5.7% over the last three years, outperforming 92% of U.S. public retirement funds. This success was achieved by reducing exposure to Treasurys and public stocks before their decline in 2022 and reinvesting the funds in infrastructure, private equity, and inflation-protected debt.
&nbsp;"A lot of our clients made moves on the margin," Daniel Dynan, a managing principal at Meketa Investment Group and Plymouth County&#8217;s investment consultant, remarked. "The difference in Plymouth is the magnitude of the change."
The fund, comprising just 10,500 members, stands as an unexpected trendsetter. Nationally, U.S. public pensions, serving 34 million members, ensure retirement and benefit payments, as reported by the Urban Institute, a nonprofit think tank. Plymouth County, located south of Boston, includes predominantly middle-class suburbs, alongside affluent enclaves and urban areas marked by grit. The county&#8217;s political landscape is divided between Democratic and Republican voters.
Why It Matters: The Plymouth County Retirement Association&#8217;s success is a testament to the impact of unconventional investment strategies. This comes at a time when the investment landscape is undergoing significant changes, with even the world&#8217;s largest pension fund <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37820232/worlds-largest-pension-fund-eyes-bitcoin-for-portfolio-diversification">considering diversifying its portfolio</a> with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Moreover, Manning&#8217;s approach is in stark contrast to the <a href="https://www.benzinga.com/markets/equities/24/05/38820970/expect-rate-cuts-not-a-recession-fund-managers-most-bullish-on-stocks-in-over-2-years">current market sentiment</a>, with many fund managers expecting rate cuts and being bullish on stocks.
Read Next: <a href="https://www.benzinga.com/news/24/05/39015615/mark-cuban-defends-bidens-economic-record-blames-trump-for-underperforming-obama-economy-he-inherite?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Defends Biden&#8217;s Economic Record, Blames Trump For Underperforming &#8216;Obama Economy He Inherited&#8217;</a>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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